Fund after collections are made. During 20x7, the following county tax amounts were collected: Comtty General Fund, $10,333,000; Jonesboro City General Fund, $4,840,000; Joneshoro County Consolidated School District, $6,550,000; Other towns, $3,120,000. The total amount collected from the different sources was $24,843,000. During the first half of 20X7, $13,700,000 was collected for current taxes and fund and govermtient liabilities were recorded. Prepare a schedule of collections for each participant showing the county General Fund amotults withheld and net due to participants. Tax agency fund cash was assigned. Required: Prepare journal entries for each of the above transactions that altered the tax agency fund. Assuming 4% of the gross tax levy will be uncollectible, prepare the journal entries that pertain to the Joneshoro County General Fund. Assuming 2% of the gross levy for Jonesboro City will be tutcollectible, prepare the journal entries to record the transactions that affect the Joneshoro City General Ftutd. What financial statements are required to he prepared by the tax agency fund? Compare the financial statement requirements from the United States with at least two other countries. Would the same financial statements he used and why? 'What are GAAP requirements for preparing financial statements? (100